Australia consists of a variety of lucrative sectors and markets for businesses and investors, as well as for local and foreign workers. A dynamic economic climate – becoming the world's fifth freest economy – coincides with a high quality of life and diverse incentives for lifestyles.
As a result, Australia has a wealthy, highly skilled, and diverse workforce. There's a knack to tap into Australia's talent pool for both budding and experienced businesses to pick out the best candidates for business needs.
Recruitment metrics is considered a smart approach which backs data-based decision making and saves cost and time per hire by streamlining the process.
1. Why Are Recruiting Metrics Essential?
Remember, if you don't measure, you won't improve!
Most recruiters believe that it's time for the data-driven hiring process to shrink the Human Resources expenses and the effects of unfilled positions on revenues. It not only can track defined areas for change but can also show places where the recruitment team is doing well.
Many employers tend not to take any action on the collected data which bring them exactly where they started. Parameters should be presented in a way where it is easily shareable, usable and understandable.
Suppose, you have a broad hiring team, however you choose to share the data with only one of them. For better effectiveness, instead, you should share the data with the whole team so that everyone understands where they are lacking and find collective measures to improve the key points.
2. A Few Tricks For Hiring The Right Employees
There are many measurement tools available and many organisations have their own methods of measuring.
Measure Recruitment Trends And Statistics
A survey shows that filling the work vacancy in Australia will take about 68 days, on average. An organisation should make sure that they budget time and money accordingly. A role in a skill shortage sector will have tough competition.
Reach Out To Talents Every Way Possible
Being a recruiter, if you always assume that talents will come to you, then you may need to think twice. A recent survey suggests that 63% of the Australians have a LinkedIn profile. However, the survey doesn't show how many are active users. So, instead of waiting for the right talent to apply for the job you posted, recruiters can search for talents and reach out to them.
Also, the government of Australia often launches many programs. For example, in 2018, the Australian government launched the Global Talent Employer-Sponsored Program, which allows the employers to fill the positions by sponsoring overseas applicants because those were difficult to fill locally. This kind of knowledge can help organisations to look for the right candidate in the right place.
3. Anticipating Cost Per Hire And Training Costs
In Australia, estimates about the average price per hire hover around AU$5000. This is only to get the new employee on board; once they are employed, they will possibly require some degree of preparation or assistance to achieve 100% of their role's expertise and efficiency.
Once the hiring process is done, the recruiter must calculate the time taken for productivity. This helps to measure when a new hire starts contributing to the organisation. If an employee takes a few days to show his/her effectiveness, the recruiter can be assured that the organisation is going in the right direction for onboarding.
4. Focusing On Your Employment Branding
As a recruiter, you should not overlook the power of workplace culture and management style to attract valuable candidates in your organisation. Gathering feedback from the applicant can help determine the experience they went through during the whole process of hiring.
Many candidates often complain about being 'ghosted' by the recruiters that may cause a negative impact to accept the job offer. Your credibility lies in finding out how prospective team members can evaluate their workplace if they want to apply and accept a position. Remember, positive feedback helps attract more candidates in future.
5. Make Your Hiring Process Stress-Free
As a recruiter, you should focus more and more on improving the hiring process. The first thing is to measure how many candidates are completing the applications. Identifying where and why prospective applicants drop out of the process, and adjusting the requirements accordingly, will improve the completion rate of the application and ensure that talented applicants are not lost at the first hurdle.
The second thing is, measure the approximate time taken by the days between posting the job and finally, when the hiring is complete. Third but most importantly, measure how many candidates finally accept the job offer. Higher rate of acceptance implies that the candidate is happy with the aspects such as offered salary, growth opportunity etc. In contrast, a lower acceptance rate can indicate the missing factor between what a candidate wants and what is provided.
6. Hire More And More Interns
Some people may disagree with this point, but for many organisations hiring interns proved to be a valuable investment. Picking the right intern also involves a lot of hard work. Besides, you get to see them evolve to fit your work culture. So, if there is a related vacancy, why would you further invest your time in hiring someone else? An easier solution would be to simply promote the intern to fill the vacancy and save valuable time.
7. Check Work Culture Compatibility
As a recruiter, your main challenge can be finding someone compatible with the culture of the organisation. You can check their social media or prepare a questionnaire or a task to understand their willingness and compatibility skill. A candidate can deliver their best only when they get along with their colleagues, clients or managers.
One has to keep in mind that finding the quality applicant involves a few steps. What if the recruiters are making the mistakes in the initial stages by not screening the candidates properly? One of the earliest stages is to select a few 'fit' candidates out of a thousand applications, and this can be done through background screening.
Criminal Background Checks, a part of background screenings can streamline the process by scrutinising those who don't have a relevant or a significant criminal background. KONCHECK, an accredited body of the Australian Criminal Intelligence Commission (ACIC) is a reliable, affordable and fast platform for recruiters which can assist them in aiming for more effective hiring.